04:44 PM EDT, 03/12/2024 (MT Newswires) -- Coinbase Global ( COIN ) said late Tuesday it plans to offer $1 billion of convertible senior notes due 2030 in a private offering.

Initial buyers are expected to be given a 30-day option to buy up to an additional $150 million of notes to cover overallotments, the company said.

The interest rate, conversion rate and other terms will be determined upon pricing, Coinbase said.

Net proceeds will be used to repay at maturity or buy back or redeem before maturity the company's 0.5% convertible notes due 2026, 3.375% senior notes due 2028, and 3.625% senior notes due 2031 and for general corporate purposes, the company said.

Net proceeds may also be used to make investments or acquisitions, Coinbase said.

Shares of Coinbase fell 3.2% in after-hours trading.

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